国浩律师（济南）事务所 关于中泰证券股份有限公司 向特定对象发行 A 股股票之 发行过程和认购对象合规性的 法律意见书 济南市龙奥西路 1 号银丰财富广场 C 座 19、20、25 层邮编：250014 19、20、25/F,BlockC,YinfengFortunePlaza,No.1Long'aoxiRoad,Jinan250014,China 电话/Tel:+8653186112118 传真/Fax:+8653186110945 网址/Website:http://www.grandall.com.cn 二〇二五年十一月 释义 除非文义另有所指或依据上下文应另作解释，本法律意见书中相关词语具有 下列特定含义： | 本次发行/本次向特定 | 指 | 中泰证券股份有限公司向特定对象发行 A 股股票的行为 | | --- | --- | --- | | 对象发行 | | | | 发行人/中泰证券/公司 | 指 | 中泰证券股份有限公司 | | 枣矿集团 | 指 | 枣庄矿业（集团）有限责任公司，系公司控股股东 | | 山能集团 | 指 | 山东能源集团有限公司，系公司间接控股股东 | | 《公司法》 | 指 ...

发行情况报告书披露的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：600918 证券简称：中泰证券 公告编号：2025-069 中泰证券股份有限公司 关于向特定对象发行A股股票 中泰证券股份有限公司董事会 2025 年 11 月 25 日 1 中泰证券股份有限公司（以下简称"公司"）本次向特定对象发行 A 股股票 （以下简称"本次发行"）的发行承销总结及相关文件已经上海证券交易所备案 通过，公司将依据相关规定尽快办理本次发行新增股份的登记托管事宜。 本次发行的具体情况详见公司同日在上海证券交易所网站披露的《中泰证券 股份有限公司向特定对象发行 A 股股票发行情况报告书》及相关发行文件。 特此公告。 ...

Group 1 - The core viewpoint of the report is that various platforms are intensifying their efforts in the animation drama (漫剧) sector, with significant developments and initiatives being reported across multiple companies [1][2] - Douyin has achieved over 400 million daily views for its original content, indicating strong engagement in the animation drama market [1] - iQIYI is expanding its animation drama business, having launched a dedicated channel for this content [1] - Tencent is testing new mini-programs related to animation dramas, while NetEase has introduced a mini-program that allows real-time sales data tracking [1] - Migu has announced an AI co-creation plan for animation dramas, offering script collaboration and revenue-sharing opportunities [1] - Kuaishou has upgraded its animation drama investment plan, supporting cash investments ranging from 20,000 to 500,000 yuan [1] - Baidu has introduced the "Animation Drama Star Leap Plan," which includes various incentives for creators and open IP rights [1] Group 2 - The National Radio and Television Administration has initiated a special governance project to regulate micro-short dramas, which will be subject to a classification and tiered review system until March 2026 [2] - A specific animation drama was removed from the internet for promoting superstitions, highlighting the regulatory scrutiny in the sector [2][3] - The report suggests that the regulatory environment will accelerate the elimination of low-quality content, creating greater opportunities for high-quality, compliant creators [3] - ByteDance has adjusted its revenue-sharing coefficients for animation dramas, indicating a shift towards encouraging high-quality content and establishing deeper collaborations with content creators [3] - The adjustments in revenue-sharing ratios will likely increase the supply of high-quality content while putting pressure on smaller teams and low-cost creators [3] Group 3 - Google has announced the upcoming release of the Nano Banana Pro model, which will enhance AI animation drama creation with capabilities such as 4K HD output and precise text rendering [4]

Core Points - New Yichang (688383.SH) reported a significant decline in financial performance for the first three quarters of 2025, with a revenue of 594 million yuan, down 22.85% year-on-year, and a net profit attributable to shareholders of 7.815 million yuan, down 88.75% [1] - The company's net cash flow from operating activities also saw a drastic decrease of 78.02%, amounting to 33.83 million yuan [1] Financial Performance Summary - Revenue for the reporting period was 594 million yuan, reflecting a year-on-year decrease of 22.85% [3] - Total profit for the period was 13.35 million yuan, which is an 82.26% decline compared to the previous year [3] - Net profit attributable to shareholders was 7.815 million yuan, down 88.75% year-on-year [3] - Net profit after excluding non-recurring gains and losses was 7.349 million yuan, a decrease of 88.37% [3] - The net cash flow from operating activities was 33.83 million yuan, down 78.02% year-on-year [3] Historical Financial Data - From 2021 to 2024, the company's revenue showed a declining trend: 1.197 billion yuan in 2021, 1.184 billion yuan in 2022, 1.04 billion yuan in 2023, and projected 934 million yuan in 2024 [4] - Net profit attributable to shareholders also decreased from 232 million yuan in 2021 to a projected 40.46 million yuan in 2024 [4] - The net cash flow from operating activities fluctuated, with a negative cash flow of 96 million yuan in 2023 and a positive cash flow of 139 million yuan projected for 2024 [4]

Group 1 - The market showed a rebound yesterday with all three major indices closing in the green, while the trading volume in the Shanghai and Shenzhen markets decreased by 237.9 billion to 1.73 trillion [1] - Sectors such as military industry, AI applications, and commercial aerospace saw significant gains, while energy metals, Hainan, and gas sectors experienced declines [1] - The Shanghai Composite Index rose by 0.05%, the Shenzhen Component Index increased by 0.37%, and the ChiNext Index gained 0.31% by the end of the trading day [1] Group 2 - CITIC Securities highlighted that the humanoid robot industry is experiencing positive changes domestically and internationally, with a focus on quality segments and upcoming product releases [2] - The solid-state battery sector is accelerating its industrialization process, with the first large-capacity solid-state battery production line in China having commenced trial production [2] - In the engineering machinery sector, exports are maintaining high growth rates despite a slowdown in domestic excavator sales, indicating overall good performance in the domestic market [2] Group 3 - Huatai Securities noted that the domestic green methanol production capacity is developing in a pattern of "small-scale validation, accelerated implementation, and sufficient reserves," with 190,000 tons/year already in production and 3.11 million tons/year under construction [3] - The dual-track technology routes for green methanol production are expected to maintain a dominant position due to cost reduction potential, with downstream demand gradually forming [3] - Investment opportunities are identified across upstream, midstream, and downstream segments, focusing on short-term capacity implementation and long-term technological cost reduction [3] Group 4 - Zhongtai Securities suggested a balanced allocation strategy to navigate the current market uncertainties, emphasizing patience as the market style is expected to refocus on technology [4] - The recent market downturn has led to a style switch, with significant inflows into broad-based ETFs and balanced capital allocation between southbound and northbound investments [4] - The recommended balanced allocation strategy includes sectors that are weakly or negatively correlated with technology, such as finance, cyclical chemicals, and innovative pharmaceuticals under improved US-China narratives [4]

Core Viewpoint - The A-share market is experiencing a strong performance in Google-related industry chain stocks, driven by Google's advancements in AI and potential challenges to Nvidia's chip dominance [1] Group 1: Stock Performance - Google-related stocks in the A-share market saw significant gains, with Dekoli hitting the daily limit up of 20%, Changxin Bochuang rising over 15%, and Guangku Technology increasing over 13% [1] - Other notable performers include Juguang Technology up over 12%, Lingyun Optical up over 11%, and Tengjing Technology up over 8% [1] Group 2: Market News - Google is reportedly leveraging its latest breakthroughs in AI models to challenge Nvidia's market position [1] - Meta is considering a multi-billion dollar investment in Google's TPU for its data center development, which could allow Google to capture 10% of Nvidia's annual revenue, translating to billions in new income [1] Group 3: Industry Analysis - According to a report from Zhongtai Securities, Google is building a strong AI moat through a complete technology ecosystem that includes chips (TPU), networks (OCS), models (Gemini), and applications (cloud computing/search/advertising) [1] - The expected increase in TPU shipments, improved OCS penetration, and the ramp-up of 1.6T optical modules are anticipated to create significant growth opportunities for related hardware suppliers [1]

Core Viewpoint - The report from Zhongtai Securities emphasizes a balanced allocation strategy to navigate the current market turmoil, with a focus on waiting for a renewed emphasis on technology sectors [1][2][5]. Market Performance - The market experienced a broad decline this week, with the technology sector suffering the largest drop, indicating a style shift as the market accelerated downward [1][2]. - There has been a significant net inflow into broad-based ETFs, while both northbound and southbound funds are showing balanced allocation trends [2][3]. Fund Flow Dynamics - Leverage and main funds are accelerating their net outflows, with a notable decrease in leveraged trading activity, returning to levels seen in early August [3]. - Northbound funds are increasing their positions in banks, while southbound funds continue to show balanced allocation across various sectors, including retail, electronics, banking, and real estate [3]. Influencing Factors - The market adjustment is attributed to changes in fund dynamics, influenced by multiple direct factors such as concerns over U.S. government shutdowns and lowered interest rate expectations [4]. - The resurgence of AI bubble concerns has also dampened risk appetite, particularly following Nvidia's quarterly report, which raised questions about financial data and the sustainability of the AI boom [4]. - Seasonal effects and stock index futures expirations have amplified market volatility, contributing to a cautious market sentiment [4]. Future Outlook - The market is expected to refocus on technology sectors within the year, with significant adjustments likely accelerating this transition [5].

登录新浪财经APP 搜索【信披】查看更多考评等级 周建林强调，智慧工厂投产后将从三大层面构筑核心优势：市场布局上，契合风机"大型化、智能化"趋 势，弥补陆上大功率增速器产能空白，提升产业链国产化配套水平；产能效率上，通过智能物流、全流 程自动化等技术缩短订单响应周期，规避交付延迟风险；经营效益上，优化流动比率、速动比率等财务 指标，降低资产负债率，为研发投入提供资金支持，推动公司从"行业跟随"向"市场引领"转型。 此次调研中，公司与机构投资者就行业趋势及公司战略进行了充分交流，严格遵循信息披露相关规定， 未出现未公开重大信息泄露情况。 周建林介绍，公司风电增速器智慧工厂（一期）目前处于建设期关键推进阶段，核心生产设备已基本完 成到厂部署，为后续产能释放奠定硬件基础。不过，由于工厂仍处于产能爬坡初期，当前存在三方面阶 段性因素影响产能完全释放：一是生产团队需进一步提升操作熟练度以确保设备精准运行；二是产线各 环节仍在持续优化衔接；三是供应链协同需按计划推进。公司将持续跟踪产线磨合、人员培训及设备调 试进度，待各环节成熟后逐步向设计产能靠拢。增速器市场前景广阔：全球风电装机扩容驱动需求，中 国市场引领增长 针对增 ...

证券日报网讯 11月24日晚间，美农生物发布公告称，上海美农生物科技股份有限公司（以下简称"公 司""美农生物"）于近日收到保荐机构中泰证券股份有限公司（以下简称"中泰证券"）出具的《关于变 更上海美农生物科技股份有限公司首次公开发行股票并在深圳证券交易所创业板上市项目持续督导保荐 代表人的报告》，中泰证券作为公司首次公开发行股票并在创业板上市项目的保荐机构，持续督导期为 2022年6月17日至2025年12月31日。中泰证券原指定吴彦栋先生、嵇志瑶女士为该项目的签字保荐代表 人。现吴彦栋先生因工作变动，不再负责美农生物持续督导工作。为保证持续督导工作的顺利进行，中 泰证券决定授权陶雪祺先生接替吴彦栋先生担任该项目持续督导的保荐代表人，继续履行持续督导职 责。 （文章来源：证券日报） ...

Market Overview - On November 24, the securities sector rose by 0.22% compared to the previous trading day, with Guolian Minsheng leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Top Gainers - Guolian Minsheng (601456) closed at 10.40, up 2.87% with a trading volume of 297,600 shares and a turnover of 304 million yuan [1] - Guosheng Securities (002670) closed at 17.86, up 2.76% with a trading volume of 444,300 shares and a turnover of 788 million yuan [1] - Industrial Securities (601377) closed at 6.69, up 2.14% with a trading volume of 941,000 shares and a turnover of 625 million yuan [1] Top Losers - Shouchao Securities (601136) closed at 20.20, down 2.27% with a trading volume of 375,700 shares and a turnover of 757 million yuan [2] - Changjiang Securities (000783) closed at 7.92, down 1.12% with a trading volume of 849,100 shares and a turnover of 679 million yuan [2] - Sihai Securities (600369) closed at 4.40, down 0.90% with a trading volume of 642,200 shares and a turnover of 284 million yuan [2] Fund Flow Analysis - The securities sector experienced a net outflow of 1.283 billion yuan from institutional investors, while retail investors saw a net inflow of 914 million yuan [2] - Among individual stocks, Guosheng Securities had a net inflow of 48.03 million yuan from institutional investors, while it faced a net outflow of 22.88 million yuan from speculative funds [3] - Dongfang Securities recorded a net inflow of 31.53 million yuan from institutional investors, with a net outflow of 10.96 million yuan from speculative funds [3]